WHITE PAPER
Bitcoin Core Timestamp Server Concept
The original Bitcoin white paper suggested perhaps “tongue in cheek” that a widely published newspaper could serve as a timestamp mechanism, but that it would at the same time be very impractical.
Through the implementation of Bitcoin LC, along with the integration of the Bitcoin Core block headers hash to each new block, this will have the double effect of integrating a widely published Bitcoin “newspaper” timestamp every 10 minutes or so, i.e., the Bitcoin Core block headers in addition to the Unix time into the Bitcoin LC blocks.
Under a scenario where if, for any reason, an extreme concentration of hash power is assembled and mobilized, including a possible digital cryptocurrency world war, even a sequential timestamp blockchain hash can be redone several blocks back if necessary.
Contrary to various Bitcoin Core-type side chains such as RSK[1], smartcontract-based solutions or even merged mining projects like Namecoin[2] which rely on aleatory OP_RETURNS insertions into the main chain, Bitcoin Low-Carbon works the other way around. It inserts Bitcoin Core block hashes into each coinbase transaction OP_RETURN.
[1] https://www.rsk.co/
[2] https://en.wikipedia.org/wiki/Namecoin
Bitcoin Low-Carbon and the Improved Proof-of-Work
The nonces trial-and-error proof-of-work method will remain the same; seeking a value that would produce a certain amount of zero bits after being hashed by still using the SHA-256 cryptographic protocol in front of the next block hash while network difficulty adjustments will obviously be set independently from that of Bitcoin Core. The combined effect of dual hash difficulty will make it practically impossible to alter the chain even through the use of quantum computers and/or some extreme concentration of the hash power as it would require simultaneous alteration of both Bitcoin Core and Bitcoin LC.
As originally expressed by Satoshi, a one Internet IP-based address for one vote system could be easily subverted by groups that would be able to allocate many IPs to the network. Satoshi provided the cryptographic innovation of proof-of-work to be essentially; one ASIC to represent one vote. However, with the very clever introduction of the concept of pooling ASIC-based computers, Satoshi’s fears of concentrated power and resources have become apparent, as evidenced by concentration of hash power in certain areas of the world or by certain groups.
As such, transactions contained in the Bitcoin Core blocks and their resulting hash will permit nodes and miners of the Bitcoin LC chain to assure that the integrity of each block as it is being backed by a Bitcoin Core block with a valid timestamp. Furthermore, each Bitcoin LC block must contain an authentic certificate issued to miners by the not-for-profit Bitcoin Low-Carbon Foundation which maintains standards of ethics and sustainability. The result is one of security and the assurance that the coin minted can be specifically identified as meeting those standards.
As miners and nodes would be expected to progressively migrate some hash power from the Bitcoin Core chain to the Bitcoin LC chain over time, network difficultly will be adjusted accordingly while maintaining both chains in the best possible ethical and environmentally sustainable conditions moving forward. Consequentially, the Bitcoin LC will automatically adjust its proof-of-work difficulty as with the Bitcoin Core chain to maintain a block generated every 10 minutes or so while naturally maintaining synchronisation with Bitcoin Core.